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105 <br /> <br />A RESOLUTION APPROVING THE ISSUANCE OF k~JLTI-FA~-ILY RENTAL <br />~tOUSING REVENUE BONDS BY THE PORTS~OUTH REDEVELOPMENT AND <br />HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, IN <br />AN ~2~OUNT NOT TO EXCEED $32,000,000 FOR REGENCY APART~-~-ENTS <br />ASSOCIATES LIMITED PARTNERSHIP TO ASSIST IN THE ACQUISITION <br />AND REHABILITATION OF P~EGENCY APART~ENTS. <br /> <br /> ~HEREAS, the Portsmouth Redevelopment a~d Housing <br />Authority (the Authority) has considered the request of <br />Regency Apartments Associates Limited Partnership (the <br />Company), whose address is One Shelter Place, Greenville, <br />South Carolina, 29602, for the issuance by the Authority of <br />its Multi-family Rental Housing Bonds in an amount not to <br />exceed $32,000,000 (the Bonds) to assist in financing of the <br />Company's acquisition and rehabilitation of a 862 unit <br />multi-family rental housing project (the Facility) known as <br />the Regency Apartments, located at 2100 Westminister Lane, <br />in Virginia Beach, Virginia (the City), and to be o%~ned or <br />operated by the Company, and the Authority has held a public <br />h~aring thereon on September 18, 1984; and <br /> <br /> WHEREAS, Section 103[k) of the Internal Revenue Code of <br />1954, as amended (the Code), provides that the applicable <br />elected representatives of the governmental unit issuing the <br />rental housing bonds and the applicable elected representatives <br />of the ~overnmental unit having jurisdiction over the area <br />in which any facility financed with the proceeds of rental <br />housing bonds is located shall approve the issuance of such <br />bonds; and <br /> <br /> WHEREAS, the Authority, as the issuing governmental <br />unit, has no applicable elected representative and the City <br />of Portsmouth (the City) is the next highest governmental <br />unit with such a representative; and <br /> <br /> WHEREAS, the members of the City Council of the City <br />(the Council) constitute the applicable elected representatives <br />of the City; and <br /> <br /> WHEREAS, Section 15.1-1378.1 of the Code of Virginia of <br />1950, as amended (the Virginia Code), provides that the Council <br />shall, within sixty (60) calendar days from the public hearing, <br />with respect to rental housing bonds either approve or dis- <br />approve the issuance of such bonds; and <br /> <br /> WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, subject to terms to be agreed upon, <br /> <br /> <br />